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Microcap & Penny Stocks : PCTR-Perceptronics -- Ignore unavailable to you. Want to Upgrade?

To: OFW who wrote (617)	3/15/2000 2:39:00 PM
From: William Nehls	Read Replies (2) \| Respond to of 710

Here is release.Perceptronics Wins $3 Million Contract to Provide New ITV PGTS Training System for the Republic of Egypt PR Newswire - March 15, 2000 13:10 WOODLAND HILLS, Calif., March 15 /PRNewswire/ -- Perceptronics, Inc. (OTC Bulletin Board: PCTR) today announced that it won a competitive contract from the Republic of Egypt to provide Precision Gunnery Training System (PGTS) trainers for the Improved Tow Vehicle (ITV). The value of the contract is approximately $3 million. As a result of winning the contract, Perceptronics will now proceed to a definitive agreement to sell the PGTS and training systems operation under the terms of a previously announced Memorandum of Understanding (MOU). The company expects to close the transaction, subject to shareholder approval, prior to June 30, 2000. The Company's chairman, Dr. Gershon Weltman, stated, "We are delighted to win this contract. It allows us to complete a very important step in our plan to change the strategic direction of our company from a Defense Department contractor, to a company on the cutting edge of Internet development. "The ITV PGTS contract must now be processed by the Egyptian Ministry of Defense and forwarded to the United States Defense Security Assistance Agency (DSAA) for budget approval. Once the DSAA approves, the U.S. Government guarantees payment under the Egyptian contract. We estimate the processing and approval period to be approximately two months." Richard Moskowitz, Perceptronics' chief executive officer, added, "While the PGTS business has been an important part of Perceptronics' history, we know that our future, and the best use of our technology, is in providing total solutions for collaborative interactions on the Internet. The sale of the PGTS business will allow us to focus all of our attention on this more profitable business." He concluded by saying, "These are exciting times at Perceptronics. The reaction to our new JavaRTI at the Web3D 2000 Symposium and the interest shown by prospective clients in our technology confirms that our new strategic direction is right on target." Safe Harbor Statement: Statements by Dr. Gershon Weltman and Mr. Richard Moskowitz, as well as the above statements regarding the Company's expectations about growth and marketing strategies, new and existing products, and future financial performance are Forward Looking Statements that are subject to a number of risks and uncertainties. These risks and uncertainties include, without limitation: (1) technological factors affecting the development and commercial fielding of the IC3D Framework; (2) competitive factors in the Internet industry, including the ability of the Company to compete against larger, well-funded companies; (3) cash flow factors affecting the Company's operations; (4) the ability of the Company to obtain required financing, that would affect further development and marketing of the IC3D Framework; and (5) competitive factors and contracting contingencies in the defense simulation industry and in particular in the international defense business. These and other risks and uncertainties are discussed in greater detail from time to time in the Company's SEC filings and reports. SOURCE Perceptronics, Inc. /CONTACT: Dr. Gershon Weltman of Perceptronics, Inc., 818-884-7470, or fax, 818-340-6067/ (PCTR)